A blockchain community established for the reduction of poverty within an informal settlement in Kenya was praised by the Kenyan Mission of the UN in its efforts to launch an initiative like Community Inclusion Currency (CIC). The UN Mission visited the poor area of Mukuru along with the resident correspondent, Stephen Jackson, and got the chance to watch the working of the blockchain community called Sarafu Blockchain.
There was established a blockchain-based community called “Sarafu Blockchain” in the poor area of Mukuru located in Kenya. The purpose of the community to introduce blockchain systems to the residents of the area and help them adopt the technology. After the establishment, the blockchain community then launched an initiative which is named Community Inclusion Currency (CIC). The aim and the objective of CIC were to eliminate poverty amongst the locals and promote the culture of the circular economy within the area.
The Kenyan Mission of the UN sent a delegation to Mukura to see closely how the locals are responding to the technology. A delegation of the UN was taken in the area by a local correspondent of the UN namely Stephen Jackson. After looking at the efforts of the Sarafu blockchain in helping the reduction of poverty, the UN Mission appraised the community. The Mission noticed that the residents had duly adopted the e-voucher mechanism introduced by Sarafu Blockchain. When the Mission enquired from the local residents, the residents proved that they had been using the facility without any difficulty. It was further appreciated by the UN Mission that such initiatives would encourage a circular economy.
CIC is a monetary system that was developed by a group of people. In the words of Will Ruddick, one of the developers of CIC, CIC is a network of shares. These shares are capable of being used as a source of exchanging money by the users. It can also be described as a type of currency, particularly the crypto type. Ruddick also explains that CIC can also be used for storing value for an extended period. For instance, if there is an economic crunch or that there is hyperinflation, CIC can be really helpful in gaining extra cash.
Earlier on 16th June 2021, Ruddick was found re-elaborating about the e-vouchers and their use. He said that e-vouchers were introduced in Mukura by the Sarafu blockchain as a means of trade amongst the local residents. The vouchers work really well when there is a crisis and that the native currency is hard to find or falling apart rapidly. The most important thing about this type of blockchain technology is that it does not require any internet connection, told Ruddick. Instead, it relies on a blockchain ledger which is comprised of an application form known as Bloxberg.
However, the initiative was duly recognized and appreciated by the UN as well as by the Kenya Red Cross.